No, but it will not supported in newer macOS releases anyway, so i don’t think this is the way to go.
I store all my plugin related files in $HOME/Music/Audio Music Apps/MyCompany/
(i vaguely remember this was recommended in some apple developer forum…, but i may be wrong)
(This location can be accessed from inside sandbox, Logic uses this directory too)
(BTW if have you installer which creates the folder, be sure that the “Audio Music Apps” folder will not be created with root file permissions, there are some faulty installers from some plugin-vendors around)